Brent crude surges past $119 after UAE oil terminal hit, Mario Nawfal notes

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04.05.2026

Brent crude surges past $119 after UAE oil terminal hit, Mario Nawfal notes — Brent crude surges above $119 on strike

Mario Nawfal, founder & CEO at IBC Group, reports that Brent crude jumped above $119 a barrel after Iranian drones struck the Fujairah Oil Industry Zone, the main oil export terminal in the UAE on the Gulf of Oman.

The attack targeted a key facility used to bypass the closed Strait of Hormuz. Earlier in the day, oil prices had briefly dipped below $100 a barrel before the incident.

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Earlier this year, Nawfal reported that the S&P 500 dropped about 20 points after U.S. officials issued a warning to Iran. He also highlighted that U.S. crude exports reached a record 5.2 million barrels daily as American energy influence expanded. Both developments occurred amid heightened tensions in the region.

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